SALEM - During Chesapeake Energy's third quarter earnings call this month, CEO Aubrey McClendon called Columbiana, Carroll and Harrison counties the "core of the core" in the Utica Shale Play.
The core of the core is described in the call as a strategy that allows the company to focus on its best rate of return areas. According to Chesapeake.com, "... Utica Shale is a geological formation of sedimentary rock that contains oil and natural gas. It is roughly 175 miles wide and 225 miles long. Lying mainly under parts of New York, Pennsylvania, Ohio and West Virginia, the Utica can be as thick as 1,000 feet in portions."
Of course he did - that's where all of CHK's holdings are... I would tell my stockholders I was in the core of the core of the core.
At the same time, he puts the Utica equal to any play in the country based on the wet gas results and thats good news for all in the eastern corridor, including the southern counties....
It's the "core" of CHK's core.The area it has leased. What others are finding further south does'nt apply to them.
Only My Opinions:
I think it's important to note that this is Chesapeake's Definition of It's Core of the Core Area.
I interpret the Overall Utica Point Pleasant Core Area as yet to be determined by the industry.
Amen to that! Happy Thanksgiving!